Garnet Health $4.6M ERISA Class Action Settlement

Individuals who participated in the Garnet Health Medical Center 403(b) Retirement Savings Plan at any point between Aug. 26, 2018, and Dec. 2, 2025, may be eligible to claim a payment from a $4.6 million ERISA class action settlement.

Garnet Health Medical Center has agreed to pay $4.6 million to settle a class action lawsuit alleging that it failed to properly monitor the plan’s investment options and administrative fees, as required by the Employee Retirement Income Security Act of 1974 (ERISA).

Who qualifies for a settlement payout?

Class members are:

• Anyone who was a participant in or beneficiary of the Garnet Health Medical Center 403(b) retirement savings plan, including any predecessor or successor plans, at any time from Aug. 26, 2018, through Dec. 2, 2025. Both current and former participants qualify.
• Any alternate payee of a person subject to a qualified domestic relations order (QDRO) who participated in the plan during the class period.

How much is the settlement payment?

Pro rata payment: Eligible class members will receive a payment based on their individual account balance in the plan during the class period and the the total balances of all class members.

Former plan participants eligible for a payment of $5 or less, will not receive a payout.

No claim form required

A claim form is not required to receive a payment. Current participants will have their settlement payments deposited directly into their plan account. Former participants will receive a check or can print and complete the PDF rollover form and mail or email it it to the settlement administrator.

Settlement administrator's mailing address: Garnet Health Medical Center 403(b) Settlement c/o Atticus Administration P.O. Box 64053 St. Paul, MN 55164

Settlement administrator's email address: GarnetHealthERISASettlement@atticusadmin.com

The rollover form deadline is April 20, 2026.

Payout options

• Direct deposit into plan account, for current participants
• Paper check mailed to the address on file, for former participants that do not submit a rollover form
• Direct deposit to a qualified retirement account, for former participants who submit a rollover form

$4.6 million ERISA settlement fund

The $4,600,000 settlement fund will include:

• Settlement administration costs: To be determined
• Independent fiduciary fees: Up to $25,000
• Attorneys' fees: Up to $1,533,333.33
• Attorneys' expenses: Up to $50,000
• Service awards to class representatives: Up to $7,500 each
• Payments to class members: Remaining settlement fund

Important dates

• Fairness hearing: April 20, 2026
• Deadline to submit rollover form: April 20, 2026

When is the Garnet Health Medical Center 403(b) settlement payout date?

Payments will be issued to eligible class members approximately 51 days after the court grants final approval of the settlement.

Why did this class action settlement happen?

The class action lawsuit alleged that Garnet Health Medical Center failed to prudently and loyally monitor the Plan’s investment options and administrative fees, as required by ERISA. Garnet Health denies any wrongdoing but agreed to settle in order to avoid the expense and risk involved with continued litigation.

Sources

1. Official settlement notice
2. Settlement website FAQ page
3. Settlement agreement